Fill out the form and one of our experienced CPAs will get back to you shortly.
Generally, transferring money from a foreign bank account to the U.S. is not a taxable event. However, the source of the money—such as earned income, investment earnings, or gifts—may be subject to U.S. taxation, depending on specific circumstances.
12+
Years Serving NYC
50
States Covered
5★
Rated on Yelp
150,000+
Returns Filed
Open
Evenings & Weekends
Section 01
Section 02
While the transfer itself is not taxable, U.S. taxpayers must report certain foreign transfers if the amounts exceed specific thresholds. For example, if you receive over $10,000 in a single transaction or multiple related transactions from a foreign source, you are required to report this on Form 114 (FBAR).
Section 03
Certain transfers may be exempt from taxation if they meet specific criteria, such as if the funds were previously taxed abroad or qualify for exclusions under tax treaties. It’s important to consult a tax professional to determine if any exemptions apply to your situation.
Section 04
Transferring money from a foreign bank account to the U.S. is typically not a taxable event. However, the source of the funds—whether it’s earned income, investments, or gifts—may have tax implications. Understanding the source of the money and any reporting requirements can help ensure compliance with U.S. tax laws.
No cost to start
Fifteen minutes with a CPA who handles this every week. We will walk you through your options — no sales pitch, no obligation.
“George has prepared and maintained the corporate accounting and provided consultant services for my company for a number of years. He has always done an outstanding, professional and courteous job. I feel that his rates are very fair and he provides a great value for the cost.”
“Excellent service and very professional. George and his team have been handling my business taxes for years and I couldn't be happier with the results. They are always available to answer questions and provide expert advice.”
“I've been working with Dimov CPA for both personal and business taxes. Their attention to detail and knowledge of tax law has saved me thousands. Highly recommend to anyone looking for a reliable CPA in NYC.”
Keep reading
RSA taxation explained by a New York CPA. Restricted stock units vs restricted stock awards, withholding at vest, sell to cover, forfeiture, and the QSBS clock.
Contributed too much to your 401(k)? What counts as an excess deferral, how a mid-year job change causes one, and what changes in 2026 for higher earners.
Filing and paying are two separate tests on two different numbers. You can be required to file the UBT and owe nothing at all. What each test measures.
Ready when you are
A CPA will review your situation and give you a straight answer. No commitment, no jargon.
